To The Moon

【Money Market Fund】

US$ MMF Net 7-day Yield: +3.60%*

US Treasury yields have moved higher amid renewed Middle East tensions. While softer June CPI and PPI readings provided some relief, HSBC remains cautious on front-end rates as higher oil prices and geopolitical risks continue to pose upside inflation risks. Looking ahead to the week, there is little data and Fedspeak as the FOMC’s pre-meeting blackout window begins. Several policymakers have noted signs of inflation being well above target, which could lead to policy action.

* 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

【REITs】

S$ SRT YTD total return: ‑1.85%

As of 17 Jul 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ gained 0.40% WTD in SGD, bringing its YTD return to ‑1.85%. WTD gains were led by office, data centre and retail by subsector, and KDCREIT, MPACT and CAREIT by individual REIT.

According to The Business Times, analysts remain positive on S-REITs despite recent underperformance and interest rate pressures. The five main reasons cited are: easing domestic funding costs, rate risks being fully priced in, inexpensive valuations (SREITLSN index's P/B at 0.96x), firm property fundamentals, and attractive dividend yields (SREITLSN index's estimated dividend yield at 5.8%).

Moving to the broader economy, Singapore's Q2 GDP grew 5.7% YoY (consensus: 5.5% YoY). Despite easing from Q1’s 6.3%, growth was buoyed by strong AI-driven demand for semiconductors and manufacturing equipment, boosting output in electronics and precision engineering. Singapore’s non-oil domestic exports (NODX) growth eased to 20.7% YoY in June from 38.4% in May, with electronics exports leading the expansion, surging on robust AI-driven demand, led by integrated circuits, disk media, and PCs.

【Fixed Income】

CYC YTD NAV: +1.73% in CNY; +4.90% in USD^

At its mid-year briefing, the PBoC signalled a more accommodative stance. Officials indicated that overnight reverse repo operations may become more frequent to help stabilise rates, while comments on subdued CPI, despite a PPI surge, suggested room for further policy easing. June credit data showed softer loan growth offset by stronger bond issuance. With 30Y government bond yields still above HSBC's estimated fair value and the likelihood of additional rate cut increasing, HSBC remains constructive on China duration. $ICBC CSOP CGB ETF S$(CYC.SI)$

^ CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error.

【Equities】

Regional Equity ETFs

US$ LCU YTD return: +15.77%

·         $CSOP FTSE Asia Pacific Select Index ETF USD(LCU.SI)$ declined 5.17% WTD in USD, bringing YTD return to +15.77%. WTD declines were led by IT, communication services, and industrials by sector, Japan, South Korea and Taiwan by region, and TSMC, Samsung Electronics, and SK Hynix by firm.

·         Semiconductor stocks came under pressure as investors questioned whether AI-driven earnings growth and spending can justify elevated AI-sector valuations.

·         Last week, while TSMC’s Q2 analyst meeting carried an upbeat tone, highlighting stronger-than-expected AI demand, guiding for higher 2026 revenue growth and capex, the equity saw a selloff. Nevertheless, the AI narrative remains intact as TSMC’s bonds continue to trade at tight spreads relative to peers. This hints at the market’s conviction of TSMC credit profile and cash flow visibility.

US$ SQU YTD return: ‑14.53%

·         $CSOP SEA TECH ETF US$(SQU.SI)$ declined 1.29% WTD in USD, bringing YTD return to ‑14.53% WTD losses were led by Grab, Sea Ltd and Delta Electronics.

A-Share Equity ETFs

S$ SHD YTD return: +5.39%; S$ SCY YTD return: +36.21%; S$ CSA500 YTD return#: +0.50%

·         Chinese equity market selloff happen against a backdrop of geopolitical uncertainty as US-Iran conflict intensified, and also due to concerns that CXMT’s IPO could drain liquidity from existing tech stocks in the market, as reported by The Economic Times. $CSOP DIV ETF S$(SHD.SI)$

# Data begins from CSA500 SP Equity’s inception date of 2026/01/20.

Source: CSOP, Bloomberg, JPM, HSBC, as of 2026/07/17, except where otherwise stated.

SCY’s underlying fund’s top 10 holdings (as of 2026/03/31)

SHD’s underlying fund’s top 10 holdings (as of 2026/03/31)

CSA500’s underlying fund’s top 10 holdings (as of 2026/03/31)

Disclaimers:

All information and data presented are based on the latest available weekly performance data at the time of preparation, unless stated otherwise.

The investment product(s), as mentioned in this document, is/are registered under section 286 of the Securities and Futures Act (Cap. 289) of Singapore (the “SFA”). This material and the information contained in this material shall not be regarded as an offer or solicitation of business in any jurisdiction to any person to whom it is unlawful to offer or solicit business in such jurisdictions. 

CSOP Asset Management Pte. Ltd. (“CSOP”) which prepared this document believes that information in this document is based upon sources that are believed to be accurate, complete, and reliable. However, CSOP does not warrant the accuracy and completeness of the information, and shall not be liable to the recipient or controlling shareholders of the recipient resulting from its use. CSOP is under no obligation to keep the information up-to-date. The provision of this document shall not be deemed as constituting any offer, acceptance, or promise of any further contract or amendment to any contract. The information herein shall not be disclosed, used or disseminated, in whole or part, and shall not be reproduced, copied or made available to others without the written consent of CSOP.

Advice should be sought from a financial adviser regarding the suitability of the investment and/or investment product before making an investment. Investment involves risk. The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not necessarily indicative of future performance. Investor should read the prospectus and product highlights sheet, which can be obtained on CSOP website or authorized participating dealers, before deciding whether to invest. This document has not been reviewed by the Monetary Authority of Singapore.

Index provider disclaimers:

SRT & SQQ

The CSOP iEdge S-REIT Leaders Index ETF and CSOP iEdge Southeast Asia+ TECH Index ETF (collectively, the “ETFs”)  is not in any way sponsored, endorsed, sold or promoted by Singapore Exchange Limited and/or its affiliates (collectively, “SGX”) and SGX makes no warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the iEdge S-REIT Leaders Index and/or iEdge Southeast Asia+ TECH Index (collectively, the “Index”) and/or the figure at which the Index stand at any particular time on any particular day or otherwise. The Index are administered, calculated and published by SGX. SGX shall not be liable (whether in negligence or otherwise) to any person for any error in the ETFs and the Index and shall not be under any obligation to advise any person of any error therein.

“SGX” is a trademark of SGX and is used by CSOP under license. All intellectual property rights in the index vest in SGX.

CYC/CYB & LCU

The ICBC CSOP FTSE Chinese Government Bond Index ETF (the “ETF”) and CSOP FTSE Asia Pacific Select Index ETF (the “ETF”) has been developed solely by CSOP Asset Management Pte. Ltd. The ETF is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE Chinese Government Bond Index & FTSE Asia Pacific Select Index (collectively, the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trade mark of the relevant LSE Group company which own the Index and is used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the ETF. The LSE Group does not accept any liability whatsoever to any person arising out of the use of the ETF or the underlying data. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the ETF or the suitability of the Index for the purpose to which it is being put by CSOP Asset Management Pte. Ltd.

SHD & CSA500

All rights in the Index vest in China Securities Index Company (“CSI”). CSI does not make any warranties, express or implied, regarding the accuracy or completeness of any data related to the Index. CSI is not liable to any person for any error of the Index (whether due to negligence or otherwise), nor shall it be under any obligation to advise any person of any error therein. The Product based on the Index is in no way sponsored, endorsed, sold or promoted by CSI and CSI shall not have any liability with respect thereto.

SCY

The Index Provider of the Underlying Fund is China Securities Index Co., Ltd. (“CSIC”). The Index Provider is not related to the Underlying Fund Manager. An index licensing agreement was signed between CSIC and the Underlying Fund Manager.

CSIC has authorized the Underlying Fund Manager to use the CSI STAR & CHINEXT 50 Index for various purposes as stated in and subject to the conditions of the index licensing agreement entered into between CSIC and the Underlying Fund Manager, including using the CSI STAR & CHINEXT 50 Index as the performance benchmark for the Underlying Fund.

The Underlying Fund is not in any way sponsored, endorsed, sold or promoted by CSIC and CSIC makes no warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the CSI STAR & CHINEXT 50 Index and/or the figure at which the CSI STAR & CHINEXT 50 Index stands at any particular time on any particular day or otherwise. The CSI STAR & CHINEXT 50 Index is administered, calculated, and published by CSIC. CSIC shall not be liable (whether in negligence or otherwise) to any person for any error in the Underlying Fund and the CSI STAR & CHINEXT 50 Index and shall not be under any obligation to advise any person of any error therein.